Galen shares dive after relisting

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SHARES IN Galen crashed almost 25 per cent yesterday after the Northern Ireland-based pharmaceutical group shelved its pounds 1bn merger with Dutch privately-owned rival Ferring.

Galen, a women's healthcare specialist, said that "in light of current market conditions" the merger talks started in June had been terminated.

The company said that, due to the market turmoil, a share offering planned to finance the deal was "unlikely" to succeed.

The announcement sent Galen shares into freefall. The stock, readmitted to the market yesterday after having been suspended since the start of the talks, closed 100p lower at 337.5p.